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I think my perspective is most effectively illustrated by the product adoption curve. There is no doubt in my mind that the first Model S is a superior product to the first Mach E, etc. However, I am quite biased as a Tesla driver and investor. When trying to remove my own biases, I acknowledge that both EV flagships have their pros and cons. The original Model S had many build quality issues but was amazing at acceleration. The first Tesla ride I got was unforgettable. However, Tesla also benefited from the so-called 'innovators' - or super early adopters. There were electric car enthusiasts that were willing to shell out 100k for the Model S because there was nothing like it in the market. Tesla was selling these in small numbers, as Cosmacelf noted. And in selling these in a market of 'innovators' without competition, Tesla was able to generate profit. I didn't even bring up the early days of federal credit for EV manufacturing along with other unique external advantages Tesla had back in the days.
All newer entrants have this huge incumbent in Tesla, and the EV market has run out of 'innovators', and probably close to running out of early adopters. They need to target the early majority, just like Tesla does. The fact that Ford is losing money on their Mach E right now speaks little of their potential for success. They have very few of the advantages that Tesla did 10 years ago, and the product adoption curve doesn't favor them. However, given sufficient scale, Ford, GM, and the likes can turn a profit. You can disagree with this conclusion by pointing out that Tesla is always going to be cheaper, etc., but saying that Ford has already lost the battle just because they're not making profit on their EVs while Tesla did 10 years ago is quite a naive view.
